[Bitcoin is not out of the woods yet, what’s next? 】
Despite its recent upward correction, Bitcoin (BTC) is not entirely out of the woods yet, according to trading experts and analysts. Technical and fundamental analysis shows that volatility has increased, and investors need to be cautious in predicting its trend.
Renowned analyst Credible Crypto said that Bitcoin may experience two bottom patterns: one is an aggressive decline, which may retest $49,000 before rebounding; the other is an accumulation pattern with narrowing volatility and eventually ending with an upward breakout. He mentioned that the most optimistic scenario is a triangle convergence pattern with an early breakthrough, but he believes that the probability of this is low and is still biased towards the bearish trend in the short term.
This is a change from his previous "full bull market" prediction, reminding investors that the market may change at any time and they should prepare a variety of response strategies.
Another analyst, Alan Santana, also warned that Bitcoin remains in a six-month downtrend with bearish signals emerging.
Meanwhile, OpenAI’s latest AI model predicts Bitcoin’s price will reach $90,000 by the end of 2024, close to Cryptorphic’s forecast of $93,000.
